Real Estate Rookie

Successful real estate investors don't find success alone. Real estate is a relationship business, so eventually, you need someone— an agent, contractor, cleaning lady, or handyman. At times, your success depends on these people, so you need to build a relationship with them. Once you cultivate a relationship, maintenance becomes the next step, but how do you do that? How do you find the balance between too friendly and impersonal? How do you turn a transactional relationship into a transformational one?Today’s guests, Evan and Katie Miller, have prioritized relationship building in their business and have seen tremendous success. The advantage of investing as a couple is they balance each other out. Evan enjoys numbers, while Katie enjoys working with people—creating the balance they need to be a well-oiled real estate machine. They have sixteen units amongst seven properties in Florida, Denver, and Nebraska. While growing their real estate business, they both work full-time jobs with a baby at home. Katie is the general manager at the BiggerPockets publishing division, which motivated her to invest because she sees the power of real estate every day. Since they still work full-time, they prioritize time management, relationship building, and organization. Evan and Katie hope to hit fifty properties in five years while keeping their full-time jobs.In This Episode We CoverInvesting with a spouse or a significant other and how to find balance and set boundariesAppraisal issues and finding creative solutions vs. knowing when it’s time to step awaySelf-management vs. property management and whether outsourcing is worth itVetting and finding the right property manager in a new marketHow to cultivate and maintain relationships both professionally and personallyOut-of-state investing, learning how to invest in new markets, and the criteria you should haveAnd So Much More!Links from the ShowAshley's InstagramTony's InstagramBiggerPocketsBPCON2022BiggerPockets BookstoreReal Estate Rookie Facebook GroupThe Money PodcastThe Real Estate PodcastAirDNAThe Official BiggerPockets Facebook GroupMLSLoopNetBiggerPockets ForumsBiggerPockets Free MembershipReal Estate Rookie Youtube ChannelConnect with Evan and Katie:Evan's InstagramKatie's InstagramEvan's BiggerPockets ProfileKatie's BiggerPockets ProfileCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-217Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Real estate investors are a hard-working bunch. They put in long hours every day to create passive income and find financial freedom. Many investors resort to doing what they hate, day in and day out, simply to escape the clutches of a nine-to-five job. If you’re a rookie real estate investor, you’re probably the property manager, head of acquisitions, tenant contact, and accountant all rolled into one. But this “all or nothing” way of working could slow you down faster than you know.If you want to take your wealth to the next level, try quitting—it’s what Pat Hiban and Tim Rhode have been doing for decades. As two successful real estate agents, they enjoyed the negotiation games that eventually led to large commission checks. But as the years went by, this non-stop grind took its toll—so much that they both gave up very profitable professions to do what they love. Surprisingly, the “do what you love” lifestyle made them even more money than before!This is all well and good for a couple of veteran investors, but what about our real estate rookies? What about you, listening to this with one, two, or ten deals? How do you take a step back and become a quitter like Pat and Tim? Can you really make more money by doing less, and even if you could, how do you take the first step? In their new book, The Quitter’s Manifesto, Pat and Tim lay out the exact team and strategy you need to go from burnout to big checks with far less effort.In This Episode We CoverHow two formal education failures became multimillionaires Going from 100% “obligation” work to 100% “interest” work by doing what you loveFinding the “quiet” that brings your best ideas to light Building your team of quitters who will hold you accountable to do less and make moreHow to find a world-class real estate mentor who will speed up your growth substantiallyThe financial position you should be in before you contemplate quitting And So Much More!Links from the ShowAshley's InstagramTony's InstagramBiggerPocketsGoBundanceUpworkBPCON2022BiggerPockets BookstoreBuilding 61 Different Passive Streams of Income with Pat HibanTurning $5K Into $5K/Month and Retiring at 40 with Tim Rhode9 Simple Steps to Finding the Best Real Estate Mentor for YouBook Mentioned in this ShowThe Quitter's Manifesto by Tim Rhode and Pat HibanConnect with Pat and Tim:Pat's LinkedInPat's BiggerPockets ProfileTim's WebsiteTim's LinkedInCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-216Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Want to become a millionaire? After this episode, you’ll have everything you need to start your journey to a seven-figure net worth through real estate investing. Most people think that to become a millionaire you need to have a high-paying job, a large inheritance, or hundreds of rental properties. This couldn’t be further from the truth, as regular real estate investing allows almost anyone to build wealth, attain financial freedom, and live the life they dream of in only a matter of years.For those who haven’t bought their first investment property, or only have a few, this webinar with Dave Meyer will provide the step-by-step system that’ll take you from onlooker to investor. Dave takes you through the math behind making millions, how to find investment properties worth buying, analyzing real estate in just minutes, and finally, how to repeat the system so you can continuously build wealth no matter what life position you’re in.Stick around until the end as Dave throws in a special gift for our viewers that will help take you from rookie to veteran investor in no time at all. The tools, information, and data found in this episode could help slingshot your wealth to levels you’ve never imagined. So, are you ready to start?In This Episode We CoverHow to become a real estate millionaire no matter where you’re starting fromDefining your “why” and knowing how much money you want to makeHow an economic recession could affect real estate investors in 2022The “crystal clear criteria” every investor must know before buying a rental propertyBuilding your real estate “stack” that can make you rich in only a few yearsHow to analyze rental properties for complete confidence in the dealFinding, funding, and financing investment property purchasesThe fastest way to level up your real estate investing skills so you can reach financial freedomAnd So Much More!Links from the ShowAshley's InstagramTony's InstagramBiggerPocketsZillowBiggerPockets CalculatorsOn the Market PodcastBiggerPockets ProMLSBiggerPockets Agent FinderBiggerPockets Rental Property CalculatorCraigslistBiggerPockets BootcampsMashvisorRoofstockAirDNAConnect with Dave:Dave's InstagramDave's BiggerPockets ProfileCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-215Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

This week’s question comes from Ricky through Ashley’s direct messages on Instagram. Ricky is asking: I’m about to start my investing journey with short-term rentals. How do I build a real estate team, and which positions should I look for first?On your way to building a short-term rental empire, you’ll need to build out your real estate investment team. These are the people who will help you scale, manage your properties, and handle host headaches that come up, so you can focus on finding better vacation rental properties. If you want to scale like Tony, who’s already at sixteen short-term rental units, you’ll need to invest in the four “buckets." Doing this will free up time for you to run a better business and source bigger deals.Here are some suggestions:Start making checklists, notes, and training videos as soon as you buy your first propertyFind the things you hate doing and offload them sooner, rather than laterBuild out your short-term rental core four who can help manage the property while you source dealsStart small with a cleaner or maintenance worker and slowly hire out from thereAnd more in the episode…If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).Links from the ShowReal Estate Rookie PodcastReal Estate Rookie Facebook GroupBiggerPocketsBPCON22Investor Girl BrittBadAsh InvestorAirbnbLoomBiggerPockets Agent FinderFind Money, Partners, & Deals Using The “D.A.D System” w/ Mike Michalowicz21 Real Estate Professionals You Need on Your Team (Updated 2021)Connect with Ashley and Tony:Ashley's InstagramTony's InstagramCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-214Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

The older you get, the more you realize how much life costs. As a kid, it's easy to take for granted the free rent and free meals, but what if you could get back to that? What if you could live mortgage or rent-free as an adult? What if you could have your meals paid for on someone else’s dime? In today’s episode, our guest, Nate Weintraub, shares how he lives for “free” with his three properties that total sixty-five units.With a real estate investor as a father, Nate has always been around rental property investing. He never saw himself getting into real estate until he worked his first W-2. After seeing the realities of a nine-to-five, Nate decided to buy a property after college and pursue real estate. In March of 2020, he put a house under contract in Rochester, New York. Since then, he has purchased a sixty-three-unit storage facility in Alabama and is currently house hacking in Florida.As Nate works toward financial freedom, he has made steps toward reducing his cost of living while still living a life he loves. In addition to being an investor, he does what he loves as a self-employed copywriter—BiggerPockets’ copywriter in fact. At only twenty-four, Nate lives rent-free in his house hack, his rental property covers most of his food, and his real estate investment trusts pay for his car. In This Episode We CoverAnalyzing and choosing an out-of-state market to invest in (w/o visiting them)Self-managing and how to build a trusting relationship with your tenants House hacking and how to use it to live rent-free while building wealthSelf-storage investing and how to break into a newer, bigger asset classFinding reliable and trustworthy partners and how to manage your partnershipsThe importance of talking about your real estate aspirations and how to generate more business through conversationAnd So Much More!Links from the ShowAshley's InstagramTony's InstagramBiggerPocketsReal Estate Rookie PodcastZillow$13M in Equity from One Deal & Cash Flowing Despite Being Comatose with AJ OsborneReal Estate Rookie Facebook GroupHow to Cut Expenses for a Faster Route to Financial FreedomBiggerPockets CalculatorsEasy Storage SolutionsStessaRoomies.comYelpSquareFootQuickBooksOn the Market PodcastBiggerPockets ForumsAirbnbConnect with Nate:Nate's InstagramNate's EmailNate's WebsiteCheck out the full show notes here: https://biggerpockets.com/blog/rookie-213Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

This week’s question comes from Carolyn through Ashley’s direct messages on Instagram. Carolyn is asking: I just bought my first investment property in cash. Am I still considered a first-time homebuyer? What happens if I take out a mortgage on that property?First-time homebuyer loans tend to confuse many real estate rookies. When it comes to first-time homebuyer loans and programs, what options do you have? Some investors think that they can only use loans like the FHA loan for their first home, while others may be enticed by first-time homebuyer programs that boast a lot of benefits, but with a ton of red tape. Which loans work for which investors, and what happens when you want to refinance?Here are some suggestions:Remember that loans like the FHA loan are not reserved for first-time homebuyersSpecial loan programs designed for first-time buyers could help you fund your down payment, but you’ll want to read the fine printLook for state-specific grants when buying your first home (you could come across some free funds!)If you are going to refinance after a cash purchase, be sure to double-check the “seasoning” period with your lenderAnd more in the episode…If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).Links from the ShowReal Estate Rookie PodcastReal Estate Rookie Facebook GroupBiggerPocketsCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-212Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

While constantly hearing success stories can be encouraging, it can also start to seem unattainable when you don’t know where to start. How did all these successful investors get to where they wanted to be? And if they can do it, why can’t you? Today’s guests, Simon Murillo and Kristina Vaio adjusted their mindset from “why them?” to “why not us?,” which resulted in some serious short-term rental success. It took a while for Simon and Kristina to become cohesive in their real estate partnership. Simon has been interested in house hacking since 2018, but Kristina couldn’t envision sharing her home with strangers. For his first investment, Simon wanted to invest long-distance in his hometown, but Kristina had reservations about investing in a property she couldn’t physically manage. Despite their opposing views on what their first investment would look like, through a lot of communication, education, trust, and compromise, they found an investment they agreed on—their basement.With the help of a rockstar real estate agent, they were able to close on a house in December of 2021. It took a few months of blood, sweat, and tears to set up their basement rental, but within just thirty minutes of posting their short-term rental listing, they got their first booking! Now, they’re averaging about $4,500 each month and are looking for their next home to house hack. They plan on doing this at least two or three times until they’re financially free in their forever home—and you can do it too!In This Episode We CoverConvincing a skeptical partner and how to find compromise through mutual goalsHow to ease into investing through small steps and self-educationBuilding a team that can help you with your vision—from investor-friendly real estate agents to reliable contractorsThe benefits of going to investor meetups and being surrounded by similar people with similar goalsManaging your short-term rental while balancing your full-time W-2Increasing the value of your property through unique upgrades and renovationsAnd So Much More!Links from the ShowAshley's InstagramTony's InstagramBiggerPocketsReal Estate Rookie PodcastBiggerPockets ForumsAlpha Geek CapitalReal Estate Rookie BootcampAirbnbSarah Robinson's InstagramRedfinZillowFacebook GroupsNextdoorMLSBiggerPockets Agents FinderHospitableReal Estate Rookie Facebook GroupConnect with Simon and Kristina:Simon's InstagramSimon's BiggerPockets ProfileKristina's InstagramCheck out the full show notes here: https://biggerpockets.com/blog/rookie-211Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

The term “other people’s money” is common in the rental property industry. You may hear successful investors use it all the time—but what does it mean? Who are these “other people,” and why are they giving out money so freely? Don’t worry—rich relatives are not necessary for this episode of the Real Estate Rookie Podcast. We’re not talking about taking money from your Grandma. We’re talking about private money lending.Who better to bring on to the show than Alex Breshears and Beth Johnson, authors of the new BiggerPockets book, Lend to Live: Earn Hassle-Free Passive Income in Real Estate with Private Money Lending? Although tailored towards would-be passive private money lenders, Lend to Live drops some serious knowledge that the everyday investor can use. If you’ve ever wanted to know where to find private money, how it works, and how you can use it to grow your real estate portfolio, this episode is a great place to start.Alex and Beth break down the fundamentals behind private money lending, what makes a great private money lender, and how to vet yours when accepting money. Private money can create phenomenal opportunities for active investors, but it comes with legal landmines that are easily activated if you don’t know what to look for. So, before you start accepting money from a local lender, be sure you read Lend to Live first! In This Episode We CoverWhat makes a great private money lender and the qualifications they should possessWhy become a private money lender and who private lending is best suited forHow to find private money even if you’re just starting to grow your networkStructuring a private money loan and keeping yourself legally protectedPrivate money red flags and what investors and lenders should look out forPoints, rates, and other lending lingo you need to know before taking a loanAnd So Much More!Links from the ShowAshley's InstagramTony's InstagramBiggerPocketsReal Estate Rookie PodcastBiggerPockets ForumsBiggerPockets BookstoreThe BiggerPockets PodcastPrivate Money: What the Experts Warn Against Before You Lend (Or Borrow!)Connect with Alex and Beth:Alex and Beth's Email Alex's BiggerPockets ProfileAlex's LinkedIn ProfileBeth's BiggerPockets ProfileBeth's WebsiteCheck out the full show notes here: https://biggerpockets.com/blog/rookie-210Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

As an investor, finding and closing on a deal is only the beginning, and it sets the tone for how the rest of the deal will go. So what criteria should you have to make finding a profitable deal easier? Once you find a deal that's promising, how do you do your due diligence before submitting an offer? In today’s episode, Kenneth Donis shares his bulletproof process for finding and underwriting profitable deals.Kenneth is the Head of Marketing and Acquisitions in the Donis Brothers’ operation. The Donis Brothers have a little more than 1,000 units under their belt and show no signs of slowing down. Kenneth is responsible for finding those deals, underwriting them, and meeting with brokers. With a growing portfolio, Kenneth’s process has become more efficient, and the proof is in their success.Kenneth breaks down his process into three parts—creating criteria, analyzing the deal before submitting the offer, and submitting a letter of intent. He explains how to create a buy box based on your budget and the importance of ensuring your overhead is covered. Taking to heart just a few of the tips that Kenneth shares today could put you on the fast track to closing on your next big investment property!In This Episode We CoverCreating criteria to find great deals based on your goals and budgetDefining your ”buy box” and what you should include in yoursMultifamily deal analysis and the quotes you’ll need before submitting an offer Drafting the letter of intent and the key elements to a perfect offerHow to build lasting and beneficial relationships with mortgage brokersRaising capital from outside sources and using creative financing to fund your dealsAnd So Much More!Links from the ShowAshley's InstagramTony's InstagramReal Estate Rookie PodcastMLSApartments.comBPCON22Real Estate Rookie PodcastChanging Their Family’s Fate by Building a 600+ Unit Portfolio (At Age 20!)How a College Dropout Got a Seat at the Millionaire Investor TablePost, Invest, Profit: A Step-by-Step Guide to Content Creating for InvestorsBiggerPockets CalculatorsConnect with Kenneth:The Donis Brothers’s WebsiteThe Donis Brothers’s InstagramThe Donis Brothers’s Facebook PageThe Donis Brothers’s TwitterThe Donis Brothers’s Tiktok The Donis Brothers’s Youtube ChannelThe Donis Brothers’s PodcastCheck out the full show notes here: https://biggerpockets.com/blog/rookie-209Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

This week’s question comes from Aaron on the Real Estate Rookie Facebook Group. Aaron is asking: How do you set up your rental income for tax season? Do you just show your accountant, for example, a Stessa report? Do you give receipts to your tenant when they pay so you have one for tax season?Navigating the world of real estate accounting can be tricky. Do you write everything down by hand or update your numbers in tax software? Ask two real estate experts like Ashley and Tony and you’ll see that there’s usually one clear way to gather up your rental income so your CPA doesn’t have a mountain of paperwork and an avalanche of questions to ask you.Here are some suggestions:Use software like Stessa or QuickBooks to easily track your income/expenses for tax timeSend tenants rent receipts (if they ask for them) using software like Apartments.com and RentRediKeep clear records of how much you received in rent, spent on maintenance, and any amount of vacancyGet your bookkeeping in place from the first property onwards (your future self will thank you)And more in the episode…If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).Links from the ShowReal Estate Rookie PodcastReal Estate Rookie Facebook GroupStessaQuickBooksApartments.comRentRediGoogle DriveOneDrive Check the full show notes here: https://www.biggerpockets.com/blog/rookie-208Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices